Why Pfizer, Novo Nordisk and Eli Lilly are Fighting for Metsera?

The boardroom door creaks open and the weapons of choice this time are not planes or chips, but needles and bioreactors. In one corner stands Pfizer Inc., looking to leap into the booming obesity-treatment arena. In the opposite corner, Novo Nordisk A/S, already a heavyweight in weight-loss drugs fighting not just to defend home turf but to stay relevant. And shadowing both, quietly dictating the tempo, is Eli Lilly and Company, the dark horse that changed the rules of the race.

The prize they’re tussling over is Metsera Inc., a little known biotech whose pipeline shines bright enough to make even seasoned pharma executives sit up and take notice.

Let’s break down with this blog, what Metsera is, why it’s become the centre-stage of a bidding war, where Lilly fits in, and what this means for investors.

What is Metsera?

Metsera is a clinical-stage biotech company founded in 2022, focused on obesity and metabolic-disease therapies. Its lead drug candidate, MET-097i, is a once-monthly injectable GLP-1 receptor agonist; a potential leap beyond current weekly injections.

The company’s second key asset, MET-233i, is an amylin analog, offering a complementary approach to weight loss. Analysts estimate its total pipeline could achieve peak annual sales of over US$ 5 billion if trials succeed.

In short, it’s a small company with a massive target market; exactly the kind of gem that triggers a big pharma scramble.

Why is Metsera so Sought After?

Metsera’s mid-stage trial data already showed 14.1% placebo-adjusted weight loss after 28 weeks, making it one of the more promising emerging GLP-1 assets. 

For context, here’s how its main rivals stack up:

Inside the Pfizer vs Novo Nordisk Bidding War

What began as a handshake deal soon turned into a pharma-sized tug-of-war.

Pfizer claims Novo’s offer is anti-competitive, arguing that the Danish giant may want to “capture and kill” a rival drug candidate. Novo, in turn, argues that its offer better serves shareholders. A Delaware court has so far refused to intervene, letting the bidding continue.

The fight has now turned into one part legal drama, one part R&D arms race.

Where Does Eli Lilly Fit into this Story?

Analogy time: if Novo and Pfizer are boxing over Metsera, Eli Lilly is the referee who just scored a knockout; their presence changes the dynamics even though they’re not actively bidding here.

Eli Lilly’s GLP-1/dual-agonist drugs such as Zepbound and Mounjaro have rapidly gained traction. In Q3 2025, Lilly reported strong growth from these products. Novo Nordisk, which once dominated the obesity drug space, is now losing ground. In fact, Novo trimmed its outlook, citing slower growth and tougher competitive dynamics, including Lilly’s push.

This competitive pressure places urgency on both Novo and Pfizer. Novo wants to reclaim leadership; Pfizer wants to enter before the field closes. The acquisition of Metsera is therefore not just about the pipeline, it’s about responding to a rival (Lilly) who has raised the bar.

Put simply: Lilly may not be fighting for Metsera, but both rivals see Lilly as the benchmark they must beat or risk falling behind.

What this Means for Investors and What to Watch

• Value creation versus risk: Metsera’s pipeline is in its early stage; none of the drugs are commercial yet. Acquisition is a bet on potential, not guaranteed revenue.
• Timing in pipeline: Watch key milestones for MET-097i (and MET-233i); late-stage trial starts, regulatory designations, competition outcomes.
• Integration risk: For the eventual acquirer, absorbing the assets, running trials to approval, gaining reimbursement and market share is a multi-year process.
• Regulatory / antitrust risk: Novo’s acquisition structure has drawn scrutiny from U.S. regulators.
• Competitive displacement: Lilly’s lead means aspiring catch-up players must execute cleanly. Any misstep can mean losing market share rather than gaining it.

Final Word

In one sense, this is a classic pharma acquisition race: big companies with deep pockets chasing up-and-coming biotech to fill a product gap. But here the context is especially intense. Obesity drugs have gone from side-line therapy to headline act. A once-monthly injection versus a weekly shot? That’s potentially game-changing. And with Eli Lilly pressing the accelerator, the urgency has shifted from “maybe someday” to “must catch up now”.

For investors, the lesson is two-fold: identify not just which company wins the deal, but how well it executes afterward. The acquisition price is only the beginning; the real value is created when the drug makes it to market, gains uptake, and captures share. Meanwhile the loser may still have value, but the risk of being left too far behind is real.

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